Western Australian Current Acts

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DUTIES ACT 2008 - SECT 154A

154A .         Calculating total direct or indirect interest in entity

        (1)         This section applies where it is necessary in relation to an acquisition of an interest in an entity (the main entity ) to calculate the total direct or indirect interest that one entity (a higher entity ) has in another entity (a lower entity ).

        (2)         A higher entity has a direct or indirect interest in a lower entity if there are 1 or more ownership chains between the higher entity and the lower entity.

        (3)         An ownership chain exists if —

            (a)         the higher entity has an interest as defined in whichever of section 153, 153A or 153B is applicable (a direct interest ) in the lower entity; or

            (b)         there is a series of at least 3 entities, starting with the higher entity and ending with the lower entity, each of which successively has a direct interest in the next.

        (4)         The percentage of the interest that a higher entity has in a lower entity through a particular ownership chain is —

            (a)         for an ownership chain referred to in subsection (3)(a) — the percentage of the higher entity’s direct interest in the lower entity calculated under whichever of section 153A(c), 153B(c) or 154 is applicable; or

            (b)         for an ownership chain referred to in subsection (3)(b) — the percentage calculated by multiplying the percentage of the higher entity’s direct interest in the entity immediately below it in the ownership chain by the percentage of the direct interest that each entity in the ownership chain between the higher entity and the lower entity has in the entity immediately below it in the ownership chain.

        (5)         The percentage of the total direct or indirect interest that a higher entity has in a lower entity is the aggregate of the percentage interests calculated under subsection (4) for each ownership chain between the higher entity and the lower entity.

        [Section 154A inserted: No. 12 of 2019 s. 64.]



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